It Is Time to Factor Natural Disasters into Macroeconomic Scenarios

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Abstract

Over the recent year, humanity has faced
natural disasters of unprecedented magnitude and impact.
However, governments and international aid organizations do
not systematically plan for preventing and mitigating the
effects of natural disasters, and macroeconomic scenarios
seldom take into account the results of their increasing
incidence, damages, and costs. Using evaluative lessons from
the World Bank's and others' experience, this note
highlights the urgent need to invest in climate change
mitigation, disaster preparedness, early response, and
post-disaster reconstruction.